By Cristal Cody
Tupelo, Miss., April 3 – Invesco European RR LP priced €410.25 million of notes due April 15, 2033 in a new broadly syndicated collateralized loan obligation transaction that was freed for trading on Friday, according to market sources.
Invesco Euro CLO IV DAC sold €1.75 million of class X senior secured floating-rate notes at Euribor plus 40 basis points, €244 million of class A senior secured floating-rate notes at Euribor plus 93 bps, €32 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps and €15 million of 1.95% class B-2 senior secured fixed-rate notes.
The CLO also priced €27 million of class C senior secured deferrable floating-rate notes at Euribor plus 225 bps, €24 million of class D senior secured deferrable floating-rate notes at Euribor plus 310 bps, €21 million of class E senior secured deferrable floating-rate notes at Euribor plus 535 bps, €9.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 743 bps and €36 million of subordinated notes.
Merrill Lynch International was the placement agent.
The CLO is backed mostly by broadly syndicated first-lien senior secured corporate loans.
The notes were admitted for trading on Friday by Euronext Dublin for listing on the global exchange market.
Invesco European is a New York-based fund manager and subsidiary of Invesco, Ltd.
| Issuer: | Invesco Euro CLO IV DAC
|
| Amount: | €410.25 million
|
| Maturity: | April 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | Invesco European RR LP
|
| Settlement date: | April 1
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €1.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 40 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 93 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 535 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 743 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €36 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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